PetroTerra Completes Initial Technical Analysis at Sevier Oil Prospect
COLORADO SPRINGS, Colo., Feb. 25, 2015 /PRNewswire/ -- PetroTerra Corp. (OTCQB: PTRA) ("PetroTerra" or the "Company"), an independent oil and gas exploration company currently focused on the Sevier and Beaver Oil Project in west central Utah, announced today that it has completed the initial stages of its technical analysis at the Sevier Oil Prospect. The publicly available gravity and magnetic data reviewed in Phase One and the high-resolution gravity survey acquired through Phase Two have been analyzed and delivered to PetroTerra.
Kurt Reinecke, COO of PetroTerra stated, "The gravity and magnetic data we reviewed as part of our initial mapping effort provided sufficient encouragement for us to proceed to Phase Two, which called for a detailed proprietary data collection and interpretation over the Sevier Prospect. The second phase involved acquiring and interpreting a high-resolution gravity survey that overlaps the public data, but at a much greater level of detail."
Phase One: Gravity and Magnetic Analysis
Thompson Solutions LLC ("Thompson") was engaged to process both the public domain gravity and aeromagnetic datasets that currently exist over the Sevier Prospect. Phase One of the project was completed in late 2014. Thompson also provided digitally enhanced files and maps which allowed the Company to focus on prospective trends and leads in the area. PetroTerra is now intending to proceed to the next phase of technical analysis in order to help explore the potential of hydrocarbon accumulations.
Phase Two: High-Resolution Gravity Survey and Interpretation
Magee Geophysical Services LLC ("Magee") was engaged to conduct a proprietary, high-resolution gravity survey beginning in November 2014 and completed in December 2014. A total of 737 new gravity stations were acquired on a nominal quarter mile (400 Meter) grid. The new data was merged with the re-processed public domain data, which included 630 stations located in and around the main grid.
Relative gravity measurements were carried out with LaCoste & Romberg Model-G gravity meters. Four field operators based out of Richfield, Utah completed Topographic surveying with Trimble Real-Time Kinematic (RTK) and Fast-Static GPS. The survey was completed ahead of schedule and under budget due to favorable weather conditions.
To view survey images of the data acquisition process in the field, please follow this link:
http://www.petroterracorp.com/photos.php
John Barton, CEO of PetroTerra said "We are continuing to move forward with our step-by-step approach to identify potential drill sites, the data from both phases demonstrated the presence of a gravity anomaly at our Sevier Prospect and that it lies within the thrust belt structure trend. Our next steps will require working with geologic consulting firms to integrate the gravity and magnetic data with surface, subsurface well control and existing 2D seismic to develop a geologic model of the subsurface conditions that is not limited to just gravity and magnetic data."
About PetroTerra Corp.
PetroTerra Corp. (OTCQB: PTRA) is an independent oil and gas exploration company based in Colorado Springs, Colorado. The Company is engaged in identifying, evaluating and developing early stage onshore oil and gas opportunities in the domestic US. The Company's strategy is to focus on a step-by-step approach to evaluate assets that are located in high potential, proven basins and to then prudently develop and manage those assets to create maximum value for shareholders. The Company's current focus is on the Sevier and Beaver Oil Project in west central Utah. The Company owns a 100% working interest and 80% net revenue interest in the project.
To learn more about PetroTerra Corp. please visit http://www.petroterracorp.com/
About Magee Geophysical Services LLC
Magee Geophysical Services LLC is a geophysical contractor that specializes in land gravity and ground magnetic surveys supporting Oil & Gas, mineral, and geothermal exploration. The company was formed in 2004 by geophysicist Christopher Magee who has more than 35 years of experience conducting gravity and magnetic surveys. Since its formation, the company has surveyed more than 100,000 gravity stations and tens of thousands of line kilometers of magnetic data. Magee Geophysical Services utilizes the best available equipment, technology, and software to acquire, process, and deliver the highest quality data possible to its clients and customers. The company is based in Reno, Nevada but has successfully completed surveys in many of the US states and internationally.
About Thompson Solutions LLC
Thompson Solutions LLC provides integrated geophysical and geological interpretation solutions for the exploration of oil, gas, and minerals. They provide custom solutions that are based on integration of the client's data with Thompson's expertise in the interpretation of gravity, magnetic, and geological data.
Thompson Solutions was founded by Gary Thompson, a senior geophysicist and geologist with over 30 years worldwide experience with potential field geophysics, exploration geology, and Geographic Information Systems (GIS). His industry training and experience includes time with Unocal Corporation and the Superior Oil Company.
Cautionary Statement Regarding Forward Looking Information
This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by PetroTerra and its management team, are inherently uncertain. A more complete description of these risks and uncertainties can be found in our filings with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
PetroTerra Corp. (OTCQB: PTRA)
422 East Vermijo Avenue
Suite 313
Colorado Springs, CO. 80903
Tel: 719-219-6404
Fax: 719-219-6200
Investor Relations Contact
KCSA Strategic Communications
880 Third Avenue
New York, NY 10022
Brad Nelson / Jeffrey Goldberger
Toll Free: 1-800-787-2062
Email: [email protected]
SOURCE PetroTerra Corp.
Share this article